The hedge fund manager revealed in a recent letter to clients that his risk exposure is 50% of net worth. Miller doesn’t mention whether he’s using Bitcoin as the currency or just investing, but it appears he’s betting on both.
Billionaire investor Bill Miller has put 50% of his net worth into Bitcoin. He believes that the cryptocurrency will reach a value of $1 million by 2022. Read more in detail here: bill miller net worth 2022.
Despite Bitcoin (BTC) hitting multi-month lows around $40,000 in early January 2022, investor Bill Miller remains positive.
As he said in a WealthTrack interview last Friday, Miller no longer considers himself a “Bitcoin spectator,” but rather a true Bitcoin bull.
Bitcoin and associated investments in significant industry businesses like Michael Saylor’s MicroStrategy and BTC mining startup Stronghold Digital Mining now account for half of the billionaire investor’s net wealth. Miller, an early Amazon investor, owns almost all of the remainder of his holdings in Amazon, he said.
Miller acquired his first Bitcoin in 2014, when the price was approximately $200, and then a “little bit more overtime” when the price reached $500. He didn’t purchase it for years, he added, until BTC dropped around $30,000 after peaking at roughly $66,000 in April 2021.
“This time I began purchasing it again at $30,000, down from $66,000, and the logic was there are a lot more people utilizing it, a lot more money going in from the venture capital sector,” Miller said, adding that he purchased a “good quantity in the $30,000 region.”
Bitcoin, according to the wealthy investor, is a “insurance policy against a financial disaster” as well as a great investing instrument that has outperformed gold. He also emphasized Bitcoin’s scarcity, stating that only 21 million bitcoins may be produced.
While investing up to 50% in BTC in connected markets, Miller advised private investors to deposit at least 1% of their assets in Bitcoin, saying:
“I think the average investor should ask himself or herself what do you have in your portfolio that has that kind of track record — number one, it’s very, very underpenetrated; it can provide a service of financial catastrophe insurance that no one else can; and it can go up ten times or fifty times.” “Nothing,” says the narrator.
Related: Billionaire Ray Dalio advises a’reasonable’ Bitcoin allocation of 1%–2%.
Now celebrating his 40th anniversary in the investment business, Miller currently serves as chief investment officer at Miller Value Partners, a company he founded back in 1999 while working at investment giant Legg Mason. The legendary investor is known for beating S&P 500 for 15 consecutive years with Legg Mason, where he reportedly controlled up to $70 billion.
By the end of 2008, Miller’s marquee fund, Legg Mason Capital Management Value Trust, had lost two-thirds of its value owing to the financial crisis.
Billionaire investor Bill Miller has put 50% of his net worth into Bitcoin. The cryptocurrency is currently valued at $7,000. Reference: bill miller fund.
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